Forget fears, economy is alive and kicking

Since the 6.9 percent growth for 2015 was made public, pessimistic opinions have flooded the Internet with comments such as "a 25-year low for China's GDP", "China's economic transformation only looks beautiful", "a precipice-style growth fall". But most of them talk only about the problems while ignoring the "bright side" of China's economy.

True, the "list of merits" recently published by the authorities indicates China has not done very well in every aspect, as reflected by its declining GDP trajectory, soft investment, sagging profits of enterprises and increased deflation pressures. But we cannot ignore the silver linings - for example, the service sector accounting for 50.5 percent of the GDP. A rising share of the sector means declining energy consumption per unit of GDP - and the reason why we should not make a fuss over the decline in China's power use.

The 66.4 percent that consumption contributed to China's GDP growth in 2015, an increase of 15.4 percentage points year-on-year, is also a laudable performance. Those viewing China's economic performance through tinted glasses cannot make a correct reading of the Chinese economy.

www.CNR.cn

(China Daily 01/30/2016 page5)